Mike Tyson Filed a Lawsuit Against Live Nation for Allegedly Embezzling More Than $300,000 From Him

Were you looking forward to seeing Mike Tyson on his Undisputed Tour? Well, we hope you weren't looking forward to it too much, because Iron Mike just announced that the remainder of the tour has been cancelled. He's waving the white flag because he believes that SFX Financial Advisory Management Enterprises—which is owned by Live Nation Entertainment—has embezzled more than $300,000 from him, done a poor job of keeping track of the money that he's earned and lost, and cost him millions of dollars by providing poor financial advice. Further, he alleges that the company tried to get him and his wife Lakiha to sign a nondisclosure agreement recently in order to keep a potential scandal quiet. But, they both refused and filed a lawsuit against Live Nation instead.

Tyson's lawsuit calls for Live Nation to pay him $5 million in damages and alleges breach of fiduciary duty, negligent hiring, and unjust enrichment. The Tysons claim that SFX knew that their specific financial advisor Brian Ourand, who is no longer with the company, had embezzled money from them but didn't do anything about it other than hire a new advisor to work with them.

It sucks to see Tyson's Undisputed Truth go down like this. Hopefully, it won't be the end of touring for Tyson altogether.